Economic pundits keep talking about the importance of having a diversified stock portfolio to fight inflation, but let’s say you don’t. What are some other ways to persevere through the current financial crisis?
The first thing you may feel tempted to do is ask for a raise. If you do, don’t say it’s because of inflation. Most yearly raises are claimed to account for cost-of-living increases — and your boss may dismiss your request outright since it’s already accounted for. Most of us can come up with a laundry list of reasons why we should get a raise, so refer to those in your pitch instead of inflation.
Other tips include:
- As long as prices stay in flux, don’t forget to update your budget or spending plan with newer numbers.
- Shop for groceries online if free pickup is available. This avoids the temptation to buy superfluous items.
- Idling your car consumes one gallon of gas per hour. This and other wastes of gasoline can add up. To fight that, GasBuddy is an app that tracks gas prices in your area.
- DIY weatherizing your house is relatively inexpensive when compared to what energy bills are likely to be this winter. An empty room with the heat turned way down is great insulation.
Competition has a price-lowering effect — and as supply chain problems hopefully get resolved, some prices may come down. Every family’s survival strategy will be unique — for some people it still makes sense to build a house or run up credit cards. Sooner or later, the rising tide is going to touch everyone — at least, if they use electricity (up 7.9%), eat food (also up 7.9%), wear clothes (up 6.6%), or receive medical care (up 2.5%). I hope some of these tips prove to be something of a lifeboat.
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